Highlights

  • Auction Technology Group revenue increased 9% to USD 190.2m, supported by acquisitions and services.
  • Adjusted EBITDA declined 4% year-on-year, with margin narrowing due to mix changes.
  • Adjusted operating cash flow rose 12% to USD 73.7m during FY25.

Auction Technology Group plc(LSE:ATG) reported its audited full-year results for the year ended 30 September 2025, showing revenue of USD 190.2m, up 9.2% from FY24. Growth was led by the Art & Antiques (A&A) segment, which recorded a 13.7% increase, including the contribution from Chairish. The Industrial & Commercial (I&C) segment posted revenue growth of 2.9%. On a reported organic basis, Group revenue increased 4.4%, excluding the impact of the Chairish acquisition.

Group gross merchandise value (GMV) remained stable at USD 3.3bn. A&A GMV rose 1% to USD 0.8bn, while I&C GMV declined 1% to USD 2.5bn. The Group conversion rate was broadly unchanged at 27%. The take rate increased to 4.8% from 4.5%, reflecting continued uptake of value-added services.

Profitability and Earnings

Adjusted EBITDA for the year declined to USD 76.8m from USD 80.0m in FY24, reflecting the impact of business mix and the inclusion of Chairish. The adjusted EBITDA margin narrowed to 40.4%, compared with 45.9% a year earlier. Excluding Chairish, the margin was reported at 42.7%.

The Group reported an operating loss of USD 134.2m, primarily due to a non-cash goodwill impairment charge of USD 150.9m, alongside higher exceptional costs and lower adjusted EBITDA. Adjusted diluted earnings per share stood at 37.9 cents, down 1.8% year-on-year, while basic loss per share was reported at 118.2 cents.

Cash Flow and Balance Sheet

Adjusted operating cash flow increased 12% to USD 73.7m, with a conversion rate of 96%, compared with 82% in FY24. Adjusted free cash flow for the year totalled USD 45.5m.

Adjusted net debt rose to USD 174.0m from USD 114.7m, following the acquisition of Chairish for USD 85m completed in August 2025. Adjusted net debt to adjusted EBITDA increased to 2.2x, compared with 1.4x in the prior year.

Operational Developments and Outlook

Operational activity increased during the period, with 26.8m lots listed, up 12%, and more than 99,000 auctions facilitated, representing a 13% increase. Bids placed across the platforms rose to 85m.

For FY26, the Group expects performance in line with market expectations, including revenue growth of 4–5% on a constant currency, pro-forma basis and an adjusted EBITDA margin of 34.5–35.5%. Trading in the first month of FY26 was reported as consistent with expectations.

Share Price Snapshot

ATG was trading at GBX 304.50 per share, as of 26 November 2025.